Sometimes the best real estate opportunities come when you’re not looking for them. I was doing something I’ve loved for most of my life—diving for California spiny lobster.
It Was a Beautiful Warm Fall Afternoon in Malbu...
I’d spent several hours exploring the rocky reefs near Paradise Cove, searching in the eel grass, under ledges and into crevices for those elusive bugs. By late afternoon, I was exhausted, but I’d managed to put a few nice lobsters in my bag. It was time to call it a day.
I decided to swim ashore in front of a row of beautiful beachfront homes. As I emerged from the water, wearing my wetsuit, mask, fins, and a heavy bag hanging from my right hip, I must have looked like a cross between a wayward seal and the Creature from the Black Lagoon.
Standing on the beach was a gentleman who watched with obvious curiosity as this strange creature emerged from the Pacific.
“Catch anything?” he asked.
“As a matter of fact, I did,” I replied.
“Whatcha get?” he asked, in a distinctive Texas drawl.
“A few lobsters.”
I opened my bag to show him, and his eyes lit up.
He was impressed. In fact, he told me he’d always wanted to try lobster diving himself.
“I’d be happy to take you out sometime,” I said.
We introduced ourselves. His name was Ken, a friendly Texan who seemed genuinely enthusiastic about the prospect of catching his own lobster.
“So, where do you live?” I asked.
He turned around, pointed to one of the beautiful beach homes behind us, and said, “Right there.”
Now it was my turn to be impressed.
“Wow. That’s a beautiful house!”
We exchanged phone numbers, and Ken told me he’d get some diving equipment so we could go out together.
“Anytime,” I told him.
From Lobster Diving to Luxury Real Estate
A few weeks later, I gave Ken a call to see if he was ready to dive. He explained that he’d returned to his primary residence in Texas but would be back in Malibu in a few weeks. When he returned, we got together, and he proudly showed me all of the brand new state-of-the-art diving equipment he’d purchased. He was clearly serious about giving lobster diving a try.
There was just one problem. Between his family, grandchildren, business, and other commitments, Ken was finding it increasingly difficult to spend much time at his Malibu beach house.
As we talked, he casually mentioned that he was actually considering selling the property. Now, up until this point, I hadn’t said a word about real estate. I was simply a guy who loved diving, talking to another guy who wanted to learn.
But when Ken mentioned selling, my ears perked up and I figured it was probably a good time to tell him what I did for a living. As it happened, I was also a longtime Malibu real estate broker who had sold numerous luxury beachfront homes along this very stretch of coastline. I told him a little about my experience, suggested he take a look at my website, and said that if he became serious about selling, I’d be happy to sit down with him and discuss the market, pricing, and a strategy for selling his home.
But I also made one thing clear. Regardless of whether he ever sold his house, I still wanted to take him lobster diving.
The $12 Million Catch
Well, as things turned out, Ken never did find the time to go diving with me. But he did decide to sell his Malibu beach house. And he gave me the listing.
A few weeks later, I received a call directly from a prospective buyer who was interested in the property. I showed him the house, and before long, we had a deal. The home sold for approximately $10 million, with me representing both the seller and the buyer. Not bad for an afternoon that started with nothing more ambitious than catching a few lobsters.
But the story doesn’t end there.
The Relationships That Last
The buyer who purchased Ken’s house ultimately became a longtime client as well. Over the years, I’ve helped him lease the property on several occasions, and we’ve maintained a great relationship. There’s just one small disappointment. The new owner doesn’t eat lobster. Fortunately, he does allow me to park at the property when I go diving, which saves me the rather strenuous hike up and down the bluff with 20+ pounds of weight strapped around my waist that I’d otherwise have to make to reach the beach.
And Ken? We’re still friends. We talk occasionally about Malibu real estate, and I keep hoping he’ll find his way back to California. Maybe one day I’ll even help him buy another Malibu beach house.
And if he does, I’m going to make sure we finally get out there and catch some lobsters together.
A Little Malibu Perspective
I’ve lived in Malibu for more than four decades, and one of the things I’ve always loved about this community is how naturally people’s lives intersect.
You might meet someone while surfing, walking on the beach, fishing, having coffee, or, in my case, emerging from the Pacific looking like wayward seal with a bag full of lobsters. Some of those chance encounters turn into friendships. Occasionally, they turn into business relationships. And sometimes, they become both.
I certainly didn’t go lobster diving that afternoon looking for a $10 million listing.
I went looking for dinner. As it turned out, I came home with a lot more than a few lobsters.